The U.K. FinTech Paysend is introducing Global Account, its international, fee-free mobile money account with a multi-currency wallet, to European users, the company announced on Thursday (Feb. 20).
The Global Account offering aims to save people as much as £2 billion in currency conversions when buying abroad. Paysend analysis shows that people can save as much as £1.25 billion in fees when spending internationally and up to £996 million when shopping on overseas websites.
With the Global Account, users can pay, hold and spend their money using the multi-currency wallet. In many cases, there are no fees at all.
“We have been working hard to enable the best Paysend technology to really deliver an amazing product experience,” said Abhishek Tripathi, head of business for Paysend Global Account. “That’s why our new Global Account, which makes it easier for people to pay, hold and spend money globally, is a truly innovative product. The multi-currency wallet transforms the Paysend Mastercard into a local currency card wherever users are.”
The Paysend Global Account’s multi-currency wallet currently works with the world’s top six currencies, including the Chinese yuan. The platform uses the mid-market exchange rate, which makes it easy to change value between currencies. Users can pay in local currency with the Paysend Mastercard or using the in-app virtual card.
“Millions of people travel each day and struggle with the cost and complexity of traditional products and services,” said Alberto Macciani, chief marketing officer at Paysend. “Our new Global Account gives everyone the opportunity to manage their money more efficiently and seamlessly in a global world.”
Customers can use the app to send and receive money internationally with Global Account users. The app also seamlessly integrates with Global Transfers, Paysend’s global money transfer service. Global Account also has a buy now pay later (BNPL) feature that offers users as much as £200 in credit to make purchases, with interest-free repayments over a two-week period.
In July, Paysend announced an £8.5 million Series B fundraising round from GVA Capital. The FinTech firm has notched a Seedrs investment of £4.6 million for the company, while GVA invested £3.95 million in the firm.
